Wednesday, July 16, 2025
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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Continuum Advisors Brokers $42M Sale of Seniors Housing Community in Suburban Chicago

by Kristin Harlow

CHICAGO — Continuum Advisors has brokered the sale of The Oaks at Bartlett in the northwest Chicago suburb of Bartlett for $42 million. Built in 2007, the 283-unit seniors housing community offers a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. The property sold through a court-supervised process with Michael Flanagan of Flanagan & Associates LLC serving as the receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and turn around the campus to positive NOI. David Kliewer and Jay Jordan of Continuum Advisors brokered the transaction and led an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process. A national institutional investor was the buyer.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Negotiates $11.2M Sale of Self-Storage Portfolio in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has negotiated the $11.2 million sale of a two-property self-storage portfolio in Chicago. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, Honore Holdings, and procured the buyer, Storage Post. The portfolio includes two Honore Storage locations at 3215 W. Lawrence Ave. and 5145 N. Clark St. The properties total 50,858 rentable square feet. The Lawrence Avenue facility features 313 climate-controlled units and 95 non-climate-controlled units, while the Clark Street facility includes 108 climate-controlled units and 239 non-climate-controlled units.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Brokers $4.8M Sale of Net-Leased Restaurant Property in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — The Boulder Group has brokered the $4.8 million sale of a 10,682-square-foot restaurant property net leased to P.F. Chang’s in the Chicago suburb of Lombard. The building is located at 2361 Fountain Square Drive. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor. The buyer was a real estate investment trust. P.F. Chang’s has operated at the location since 2000.

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IllinoisLoansMidwestRetail

Pine Tree Receives $247M Loan for Refinancing of Six Shopping Centers Across Four States

by Kristin Harlow

OAK BROOK, ILL. — Oak Brook-based Pine Tree has received a $247 million loan for the refinancing of a six-property shopping center portfolio acquired earlier this year in partnership with a state pension fund. Bill Barry and Bill Stewart of Draper & Kramer Inc. arranged the loan through New York Life Real Estate Investors. The properties are located in Florida, Arizona, Oregon and Ohio. Anchor tenants include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target and Dick’s Sporting Goods. Also included are several owned grocery stores, including Kroger, The Fresh Market and New Seasons Market.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.7M Sale of Retail Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 15,233-square-foot retail center in Elgin for $2.7 million. The property was fully occupied at the time of sale by tenants such as Jimmy John’s, H&R Block, Oberweis and Accelerated Physical Therapy. Dan Waszak and Brett Berlin of Quantum represented the seller, a private investment group based in Texas. The buyer was a private group based in Chicago.

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IllinoisLeasing ActivityMidwestOffice

KeHE Distributors Renews, Expands Lease at Naperville Corporate Center in Suburban Chicago

by Kristin Harlow

NAPERVILLE, ILL. — KeHE Distributors LLC has renewed and expanded its lease at Naperville Corporate Center in the Chicago suburb of Naperville. The wholesale food distributor’s lease now totals 91,102 square feet after an expansion of 17,000 square feet. Joe Stevens and Steve Degodny of Transwestern Real Estate Services (TRS) represented building ownership, Real Capital Solutions. KeHE will occupy the entirety of the building at 1245 Diehl Road.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.4M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $3.4 million sale of an eight-unit apartment building located at 2501 N. Southport Ave. in Chicago’s Lincoln Park neighborhood. Originally constructed in 1907 as a funeral home, the property was redeveloped by the seller. There are four two-bedroom units and four three-bedroom layouts as well as nine onsite parking spaces. The asset was fully occupied at the time of sale. Brad Feldman of Interra represented the private local buyer. Joe Smazal, Colin O’Malley and Mark Dykstra of Interra represented the confidential seller. O’Malley had previously assisted the seller in its acquisition of the property in 2018.

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DevelopmentIllinoisMidwest

Summit Design + Build Begins Renovations at Glen Oak Country Club in Suburban Chicago

by Kristin Harlow

GLEN ELLYN, ILL. — Summit Design + Build has begun renovations on the historic clubhouse at the Glen Oak Country Club in the western Chicago suburb of Glen Ellyn. Established in 1911, the private club features an 18-hole golf course, a two-story sports complex, multiple dining areas, a skeet and trap shooting lodge and a swimming pool. The two-story, 45,597-square-foot clubhouse will undergo a complex remodel, including renovations of the dining areas, kitchen, offices, restrooms, the addition of new indoor/outdoor dining areas, a new indoor/outdoor bar and a lobby addition with a new grand staircase and elevator, as well as exterior improvements. Chipman Design Architecture Inc. is the project architect, and CBRE is the owner’s representative. Completion is slated for late summer 2025.

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DevelopmentIllinoisMidwestOffice

Urban Innovations Completes 15,000 SF Office Build-out for Metropolitan Peace Initiatives in Chicago

by Kristin Harlow

CHICAGO — Urban Innovations has completed a 15,000-square-foot office build-out for Metropolitan Peace Initiatives at 2100 S. Morgan St. in Chicago’s Pilsen neighborhood. The new space houses private and open offices, training rooms, meditation rooms and a kitchen for the Metropolitan Peace Academy, which provides counseling, training and mediation to help prevent street violence in the city. The office also includes a podcast room and 2,000-square-foot gym. Metropolitan Peace Initiatives, a division of Metropolitan Family Services, moved from a previous location. Owned by Pilsen Metropolis LLC, the building was constructed in 1940 and renovated in 2019. Wright & Co. designed the space for the tenant, with MAI Architects working as the building architect. Baum Realty represented ownership, and CBRE represented the tenant in the lease.

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